Victory Capital Management Inc. Reduces Stake in Immunovant, Inc. (NASDAQ:IMVT)

Victory Capital Management Inc. reduced its stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 86.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,100 shares of the company's stock after selling 290,260 shares during the quarter. Victory Capital Management Inc.'s holdings in Immunovant were worth $1,117,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in IMVT. Charles Schwab Investment Management Inc. grew its holdings in shares of Immunovant by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 564,442 shares of the company's stock valued at $13,981,000 after purchasing an additional 12,012 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Immunovant by 1.5% in the fourth quarter. Rhumbline Advisers now owns 80,932 shares of the company's stock valued at $2,005,000 after purchasing an additional 1,188 shares in the last quarter. ABC Arbitrage SA purchased a new position in shares of Immunovant in the fourth quarter valued at $734,000. abrdn plc grew its holdings in shares of Immunovant by 11.1% in the fourth quarter. abrdn plc now owns 532,110 shares of the company's stock valued at $13,180,000 after purchasing an additional 53,353 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of Immunovant by 10.6% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 31,124 shares of the company's stock valued at $771,000 after purchasing an additional 2,973 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Insider Buying and Selling at Immunovant

In other news, CEO Peter Salzmann sold 5,105 shares of the business's stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $123,030.50. Following the sale, the chief executive officer now owns 972,992 shares in the company, valued at approximately $23,449,107.20. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Eva Renee Barnett sold 4,105 shares of the business's stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total value of $98,930.50. Following the sale, the chief financial officer now owns 327,064 shares in the company, valued at $7,882,242.40. The trade was a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,510 shares of company stock worth $813,686 over the last quarter. Insiders own 5.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wells Fargo & Company dropped their price objective on shares of Immunovant from $47.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. Guggenheim reaffirmed a "buy" rating on shares of Immunovant in a research note on Thursday. Cantor Fitzgerald raised shares of Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. HC Wainwright reaffirmed a "buy" rating and set a $51.00 price objective on shares of Immunovant in a research note on Wednesday. Finally, Bank of America dropped their price objective on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Immunovant presently has a consensus rating of "Buy" and an average target price of $41.70.

Immunovant Stock Performance

IMVT traded down $0.05 on Friday, hitting $19.64. The company had a trading volume of 3,965,284 shares, compared to its average volume of 1,077,451. The stock has a fifty day moving average price of $20.86 and a 200-day moving average price of $25.68. Immunovant, Inc. has a 12-month low of $17.01 and a 12-month high of $34.47. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of -7.50 and a beta of 0.68.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Immunovant Company Profile

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.